Cork-based retail and wholesale group Musgrave, which controls the Mace and Centra chains in Northern Ireland, has agreed a deal to buy La Rousse Foods from Aryzta.

Troubled Aryzta, which has embarked on a major process to turn around its business under new chief executive Kevin Toland, put La Rousse Foods - which has offices in Belfast - up for sale just recently.

Aryzta bought La Rousse, which sells fresh, frozen and ambient fine food to hotels, restaurants and catering firms, in 2015 in a deal that placed an enterprise value of €26.5m (£23m) on the business. The enterprise value included debt. La Rousse had less than €160,000 in bank debt the year before it was acquired, however.

Aryzta acquired the firm from now Switzerland-based businessman and chef Marc Amand, who had worked in the Patrick Guilbaud restaurant in Dublin before establishing La Rousse in 1992 with his future wife.